New Delhi: The board of India’s Oil and Natural Gas Corp has decided to issue a no-objection certificate for London-based miner Vedanta Resources’ deal to buy a majority stake in oil and gas explorer Cairn India, ONGC said in a statement on Tuesday.

A worker is seen working at Cairn Energy Plc’s Mangala processing terminal in Rajasthan. (File Photo Bloomberg )

The transaction had been held up mainly over the disagreement on royalty payments between the two partners, and had undermined investor sentiment in Asia’s third-largest economy.

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